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falling over the fiscal cliff. senate leaders need to put something together to avoid tax increases for just about everyone and big spending cuts. senator claire mccaskill says a make or brake deal comes down to a few lawmakers on topic of raising taxes for the wealthy. >> it remains to be scene whether the republicans being driven by a very extreme group of house members will allow our economy to pert because of their desire to protect multimillionaires in this country. that's what it's going to boil down to. >> any plan would need house speaker john baner to bring it to the floor for a vote. republican representative tom cole says he's confident that boehner can get the votes he needs. >> on the speaker's plan, he had over 200 republican votes, it's not as if he had an awfully strong hand to play, if it's a deal john boehner can accept, it will be passed in a bipartisan manner with a very strong majority. if on the other hand he's neutral or not favorable, his chances will be a lot slimmer. >> lisa desjardins following the fiscal cliff negotiations on capitol hill. do you have any
to avert the fiscal cliff. >> barrasso said president obama is eager to go over the fiscal cliff. senator barrasso joins us. well, why do you say that? >> well, i think the president sees political victory at the bottom of the cliff in term of the increased tax money coming in that he can spend for other programs. i think he sees a lot of cut to the military which the democrats have been after for a long time and then he gets to do what he loves to do, is to blame republicans. my concern is that i actually see financial problems for our nation at the bottom of the cliff and that's why i want to get a solution. >> tomorrow do you think it's going to be the beginning of the emergency meeting at the white house, is it the beginning of a deal or is it a political drama? >> my concern is it may be a political charade by the president and harry reid and nancy pelosi. i hope it actually is the beginning of a deal because if we don't get it done now, we need to go and make sure that things get done so we don't raise taxes and taxes aren't raised for all these americans that are looking at it come
out the fiscal cliff is going to be a cliff-hanger. with less than two days until the new year, senate leaders are still trying to work out a deal, to avoid tax increases on almost every american. but, any compromise will do close to nothing about our debt problem. joining us now, to discuss what kind of deal they will and won't vote for, are two key senators, democrat dianne feinstein and republican lindsey graham. senators, welcome back to fox news sunday. >> thank you. >> good morning. >> chris: senator graham, a couple of days ago you said you thought we were going to go over the fiscal cliff and now we are in the midst of a lot of last-ditch bargaining between the senate leaders, reid and mcconnell, what are the chances for a small deal in the next, less than 48 hours to avoid the cliff. >> exceedingly good. i think people don't want to go over the cliff, if we can avoid it. i think, whatever we accomplish, political victory to the president, hats off to him, he stood his ground and will get tax increases, maybe not 250 but upper income americans and the sad news is we have accomp
over the fiscal cliff and now we are in the midst of a lot of last-ditch bargaining between the senate leaders, reid and mcconnell, what are the chances for a small deal in the next, less than 48 hours to avoid the cliff. >> exceedingly good. i think people don't want to go over the cliff, if we can avoid it. i think, whatever we accomplish, political victory to the president, hats off to him, he stood his ground and will get tax increases, maybe not 250 but upper income americans and the sad news is we have accomplished little, in terms of not becoming greece, that bill will not affect the debt situation and it will be a a political victory for the president and i hope we have courage of our convictions, when it comes to raise the debt ceiling to fight what we believe as republicans. hats off to the president, he won. >> chris: quick follow-up, before we turn to senator feinstein, you said you don't think your conservative colleagues in the senate will filibuster or set up a procedural roadblock, they'll vote to avoid going over the cliff. >> if mcconnell can't get 60% of us to vote f
of the fiscal cliff. senator bayh, obviously we don't know what is your sense? no filibuster in the senate. you heard what lindsey graham said and do republicans pass whatever it is that the senate agrees to? >> i think the odds are some what better than 50/50, chris, that we get a minimal deal in the senate. not one that solves our debt problem as you pointed out earlier and this is all just a prequel to going over this again around the first of march over the debt ceiling. the real question is in the house of representatives and will it be enough of a compromise that enough republicans can vote for it to get that through the house. i put that at 50/50. >> chris: byron i think the most we can say or will be able to say if congress passes something is that they were able to stop the crisis that they created in the first place. but they will have done nothing, i mean it is really quite astonishing, to deal with the debt problem which is what the whole crisis was supposed to be about. and in fact if you extend the bush tax cuts for 98-99% of americans and have just the small automatic spending cu
before we go over the so-called fiscal cliff. senate leaders spent the weekend working on a last-ditch deal and the house comes back today for a rare sunday night session. yesterday afternoon, in an exclusive interview, president obama sat down with me in the blue room of the white house to discuss the way forward and his priorities for a second term. >> mr. president, welcome back to "meet the press." >> great to be here, thank you. >> the obvious question -- are we going over the fiscal cliff? >> well, i think we're going to find out in the next 48 hours what congress decides to do. but i think it's important for the american people to understand exactly what this fiscal cliff is. because it's actually not that complicated. the tax cuts that were introduced in 2001, 2003, 2010, those were extended and they're all about to expire at the end of the year. so on midnight, december 31st, if congress doesn't act, then everybody's taxes go up. and for the average family, that could mean a loss of $2,000 in income. for the entire economy, that means consumers have a lot less money to m
go over the so-called fiscal cliff. senate leaders spent the weekend working on a last-ditch deal and the house comes back today for a rare sunday night session. yesterday afternoon in an exclusive interview, president obama sat down with me in the blue room of the white house to discuss the way forward and his priorities for a second term. mr. president, welcome back to "meet the press." >> it's great to be here. thank you. >> so the obvious question, are we going over the fiscal cliff? >> well, i think we're going to find out in the next 48 hours what congress decides to do. but i think it's important for the american people to understand exactly what this fiscal cliff is. because it's actually not that complicated. the tax cuts that were introduced in 2001, 2003, 2010, those were extended, and they're all about to expire at the end of the year. so on midnight, december 31st, if congress doesn't act, then everybody's taxes go up. and for the average family, that could mean a loss of $2,000 in income. for the entire economy, that means consumers have a lot less money to make purc
wallace talks fiscal cliff with u.s. senators lindsey graham and diane feinstein. check your local listings for the times. >> arthel: with a possible agreement being worked on behind closed doors to avoid going over the fiscal cliff, one casualty could be the defense department. severe financial cuts could hit every branch of the armed services. peter doocy and minutes -- examines. >> he did not say the word sequester. it would automatically cut more than $100 billion from the budget next year, half from domestic programs programs and m defense programs. as the deadline draws close, experts are looking at them from a national security aspect and warning about their impact on the safety of our service members. >> it's going to affect the operational force that's deployed in terms of its ability to maintain its equipment, to get repair parts, and that forces deployed around the world. not just the force that's in afghanistan that's being reduced. it would impact on the training of the force and its preparedness to conduct other operations. >> white house officials are saying it's unc
, with senator mccain. but you know we are now technically going over the fiscal cliff. because the house of representatives is going to adjourn. they're not going to consider anything that you guys in the senate might pass. at least until tomorrow. so from your perspective, what does that mean, senator graham, that the country, the united states, is now going over the fiscal cliff? >> i just think it shows the dysfunction of the political system. back to the president's performance today, that was pretty unusual. to have a -- kind of a pep rally in the middle of negotiations. what john said about defense cuts going into effect, shooting the military in the head, according to secretary panetta, is real and true. but i want to cut $1.2 trillion over the next decade. we're going to spend $46.5 trillion. it's not hard to find $1.2 trillion. i just don't want to destroy the defense department. so if you delay the cuts, you're going to lose votes in the house. you're going to lose votes in the house because people in the house want to cut the government. i want to cut the government. i just do
. the house has passed legislation to avoid the entire fiscal cliff and senate democrats have not. now they are coming into the meeting and there is already acrimoney instead of reconciliation. >> part of the problem, i am sorry, the house passed two spending bills and ideas to meet the fiscal cliff and cent -- subject it to the senate. they have two over there . john boehner said let me get third plan b . everybody is like where are the republicans on this? they should have stayed firm on the ryan plan. it was the best . back track a year ago. this stems from the failure of the super committee that stemmed from the simpson-bowles commission failing. simpson-bowles. they got together and made the recommendation to president obama who commissioned that study can. >> kelly: and yet rejected it. >> that fail would and went to the super committee. they need to get together. >> julia: if you watched fox news channel yesterday. there is a map with red dots and that is the newspaper and the lower hudson valley of upstate new york published the addresses of gun owners and now as you were talki
of the huffington post. partisan ranker and frustration all around, we've arrived at the fiscal cliff. the senate, which was expected to hold an up and down vote on a final bare bones budget deal last night wasn't quite able to make it happen. harry reid gave us problem or lack thereof. >> there are two sides still apart, and negotiations are continuing as i speak. there's still more before we can bring ledges laying to the floor. what else is new? can anyone save this congress from itself? turns out the new man responsible is vice president joe biden. yep. that's right. joe biden is the latest person to be called on to try to get congress out of the straight jacket they've put themselves in. the vp and senate minority leader mitch mcconnell exchanged phone calls until midnight last night and again this morning, and appeared to be zeroing in on a tax rate compromise in the region of a $450,000 to $550,000 threshold. a higher rate than the president's earlier compromise as well as an agreement on the estate tax. sticking points remain. president obama seemed resigned to going over the cliff. >> if
fiscal cliff vote even if the senate does pass something tonight as you look at the senator from missouri speaking on the senate floor. that means the country is going over the fiscal cliff technically. as we have known congress to do before, you can have maneuvers by which they rewind the clock and if they go into tomorrow and they actually pass a piece of legislation they can rewind it to the point they need to be. some of the stipulations about the sequester and those are the across-the-board cuts do not kick in, until january 2nd so those are some of the things people are talking about. however, the biggest thing that everyone is talking about, are there really the votes to get this through? not only the senate, but, primarily, in the house of representatives? >> we know plan "b" which looked for tax hikes of earners over $1 million a year, so some of the framework, lowering to $450,000 joint filers so if you do not get $1 million passed in the house it is unlikely you will get $450,000 passed and the minority leader if the senate seemed near tears, senator mcconnell. it seems a mess.
. the house has already passed legislation to avoid the entire fiscal cliff. senate democrats have not. speaker boehner is in his home state of ohio today. the house gop leadershipship put out a statement yesterday saying the house has passed legislation extending existing tax cuts and putting -- delaying putting off some spending cuts and replacing them with other spending cuts, and they're urging the senate to do the same. jon? jon: molly henneberg there at the white house where we are getting down to the wire. thank you. for more on the efforts to keep the economy from heading over the cliff and the likelihood of reaching some kind of a deal in time, let's talk with susan -- [inaudible] chief congressional correspondent for the washington examiner. what are the chances here, susan? >> hi, jon. i think at this point we're just simply running out of time. we have only got a few days left. they're so far apart on what an agreement would look like. even if they weren't going to put together a comprehensive deal which everybody agrees there's simply not enough time for. if they were tryi
. the big story here, the u.s. is officially going over the fiscal cliff. the senate at this hour has not moved the bill to the floor. until that happens, the house won't act. has signaled there will be no miscall cliff action tonight. tonight on the last "special report" of 2012, although president obama says the deal is in sight, what does it look like and will it pass either chamber? we will cover the negotiations from every angle and the the f fall-out. secretary clinton has been hospitalized because of a blood clot between her brain and skull but they are confident she will make full recovery. there is another taming report on security failures. send this back to new york and the colleagues with "the five." ♪ ♪ ♪ ♪ >> juan: getting redty to party. the last segment we took a look at the serious moments on "the five" this year. now let's get to the good stuff. roll the tape. ♪ notice >> are we non- >> bob. >> sorry. ♪ ♪ notice ♪ ♪ >> hostess brand maker of twinkies. [ laughter ] >> lockness monster was a hoax. >> what? that is a hoax? it's not real? >> oh, man. i'
on the senate floor. technically tonight the u.s. goes over the fiscal cliff. we'll talk about that and we'll have details with the panel coming up. this, of course, is new year's eve. the last day and night of 2012. hundreds of thousands of revelers around the globe expected to cram in new york city times square to see the ball drop and ring in 2013. you are looking live there at times square. ray kelly says times square will be the safest place in world tonight. celebrate all american new year's 2013 with my colleagues megyn kelly and bill hemmer. back again. you have don't want to miss it. where are you spending new year's eve? anything interesting? let me know on twitter. follow me -- @bretbaeir. interesting story. mexican drug cartels are looking north, but way north. halfway up to california to move their product. >> e, tortion to vicious crime and working with street gang. are mexican cartels strengthen their grip in california? >> yes. what concerns me is the political shift in mexico. the shift might make it stronger in california. >> change of political leadership south of the bo
in the fight over the fiscal cliff as the number two republican in the senate moments ago said there could potentially be a bill ready for the floor, but after lawmakers turned down several different plans to avoid potential tax hikes for every american what do we know about this possible bill? not much, and may be more importantly if it passes, what does it mean for your wallet on january 1st, that is if we fall off the cliff. matt mccall is president of penn financial group llc. the irs is today notifying employers on how much they will have to withhold from their employees' checks. let's go through each and every one of these tax increases if there is no deal, and we dive off the cliff. let's begin with the first one. marginal income tax rates ric rice for nearly everybody in america. >> over 90% of americans will be hit with higher taxes, and everybody talks about the wealthy getting hit the hardest. what i find fascinating is two-thirds of americans that make less than $20,000 a year will get hit with higher tax rates which will equal a gain of close to $600 more per year in taxes. if
to washington to see if congress reaches a deal to avoid the fiscal cliff. senator mitch mcconnell spoke on the senate floor. >> i can report that we have reached an agreement on all of the tax -- the tax issues. we are very, very close. as the president just said, the most important piece, the piece that has to be done now, is preventing the tax hikes. >> in just the last hour, the president said a deal is, quote, within sight and that he himself is willing to make the hard choices to avoid $600 billion in automatic spending cuts and tax hikes. wolf blitzer joining me now. wolf, you've been with these kinds of negotiations before. when you look at this thing, do you think the can is just getting kicked down the road? in some ways it seems we're only getting a down payment here if that on the bigger issue of deficit reduction. >> and you're absolutely right, joe. the president himself acknowledged that he wanted a big deal, a big picture deal if you will, couldn't achieve that with the leadership in congress. so they're going to do it in stages. they're going to do it in various parts. t
over the fiscal cliff. peter doocy is standing by with the story. >> stiant leaders are said to be working on a last ditch deal. they could present legislation to senators tomorrow . majority leader hairy reid warns that whatever they come up with will be imperfect. >> days after a major storm. the northeast is getting hit with another one. this will not be a block well buster. but could make it tough on people ready to travel between christmas and new years. state of maine . stame-sex couples are saying i doportland held special hour to accommodate waiting couples and finally washington may be divide over the fiscal cliff but will be united sunday night around the television site. jim moran admits they will be watching another battle, washington and dallas play tomorrow night. we'll be voting sunday night and probably watching the skins cowboy gave in the cloak room. >> the title game starts tomorrow night . those are the top stories, molly, back to you >> december, and watching football matters. >> they will have a nice wet field since it is it pouring wet snow. >> are you
senator thune. a fiscal cliff deal is a new way calculating inflation that would lower social security payments. democrats say they would do it as part of much bigger deal but it was off the table for the smaller deal they are working on. so democrats called it a poison pill. >> at some point, negotiating process, it appears there are things that stopped us from moving forward. i hope we're not there, but we're getting real close. that is why i still hold out hope we can get something done, but i'm not overly optimistic but i'm cautiously optimistic. >> chuck schumer from new york continues to say the things, meaning a deal, always happens at the end. >> gregg: we'll probably hear about the change of cpi which is basically a new way of calculating an index the cost of living and slowing down the growth of sbph like social security. we'll probably hear about. mike, thanks very much. >> arthel: we're going to the white house where president obama is holding firm to his demand and blaming republicans for the failure to reach a deal. the president also appearing on a political talk show th
on that not necessarily the talking place. and type is almost up for lawmakers to avert this fiscal cliff. the senate trying to make that a reality and they worked, we hear, throughout the weekend in hopes of hammering out a plan b or a plan c. >> juliet: peter doocy was knocking on people's doors and answering, saying what's going on? were they working through the night? >> reporter: we were told before a lot of the senators went home that their staffs were going to stick around and work all night long, but a senate aide with knowledge of the talks told us last night about 12 hours ago there was no progress, no major progress towards a deal to avoid the fiscal cliff. we know that about eight hours from now right at three o'clock here in d.c., senator mitch mcconnell and senator harry reid, the principal negotiators from the senate are going to is sit with senators from their parties down and tell them the numbers they've agreed should be in the deal and if those meetings go well, they might be able to vote tomorrow in the senate, tomorrow afternoon. the house of representatives though would then nee
. senate leaders now holding crucial fiscal cliff talks on capitol hill rushing to come up with a last ditch agreement to avoid deep spending cuts and year end tax hikes affecting the lives of every american, i'm kelly wright. >> i'm heather childers in for jamie colby. the 11th he hour scramble after a crucial meeting on friday, between president obama and the leaders of the house and senate and urged lawmakers to urge them to do whatever it takes to cut a deal. >> i'm modestly optimistic that an agreement can be achieved. nobody is going to get 100% of what they want, but let's make sure that middle class families and the american economy and the world economy aren't adversely impacted because people can't do their jobs. >> chief congressional correspondent mike emanuel is live in washington with the latest, mike. >> heather discussions are underway and i'm told we should not expect any news or announcements before senators are briefed tomorrow afternoon. after a meeting with the president late friday, the senate majority leader sounded cautiously optimistic. >> we have one meeting i
that would have addressed some of the fiscal cliff problems. they said let senate majority leader harry reid take over. there is definitely frustration in the house that it's come to this point this late in 2012 as we are heading over the fiscal cliff potentially. bottom line some some suggested there is not a tax problem in the united states, there is a major spending problem. >> history has a way of repeating itself. somehow washington never gets the message, and here we are 30 years later on the brink of another crisis on new year's eve, still addicted to spending money. >> madame speaker the american people are looking at congress with distain and rightfully so. with the deadline on the fiscal cliff only hours away we've failed to reach a reasonable compromise to move the economy forward and ward off painful tax hikes on the middle class. >> reporter: so everybody is waiting to see if the senate can reach a deal on the fiscal cliff. it's not entirely clear when the house would act. i talked to a key leadership aide who he said if the senate passes a deal we could certainly signal that we
that wins majority support in both the house and senate, and the decision to go over the fiscal cliff now depends on his ability to successfulully negotiate and to forge a compromise that appeals to both republicans and the far left in mr. obama's party. the president met with senate majority leader harry reid this afternoon and talked with speaker boehner to begin anew that eort to reach compromise. >> averting this middle-class tax hike is not a democratic responsibility or republican responsibility. with their foes the american people have determined that governing is a shared responsibility between both parties in this congress laws can only pass with support from democrats and republicans, and that means nobody gets 100 percent of what they want. lou: there are only ten days remaining to the fiscal cliff. president obama headed to value within actually minutes, and members of congress have also gone home for chrrstmas vacation already. in a news conference today, speaker boehner admitted negotiations with the president have, indeed, been difficult. >> until the president on monday, t
it is the fiscal pain we may be undertaking soon. the developments on the fiscal cliff. coming up, two top senators will tell us what we could expect and where the talks are if there are any. >> what could happen. we'll see. and russian president vladimir putin putting adoptions on hold for hundreds of american families. this is heart breaking. we will introduce you to a family whose plans to bring home their 4-year-old are now on hold. >> big news for people suffer ising from cataracts. how a new technique could give some people the gift of sight. the doctors are in on sunday house call just about 12 minutes from now. [ woman ] ring. ring. progresso. your soups are so awesomely delicious my husband and i can't stop eating 'em! what's...that... on your head? can curlers! tomato basil, potato with bacon... we've got a lot of empty cans. [ male announcer ] progresso. you gotta taste this soup. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because offers a superior level of protect
. >>> meantime, the fiscal cliff stand-off in washington continues. at this late hour the senate and house of representatives both went into recess, still no deal. republican senate leader mitch mcconnell reached out to vice president joe biden to help reach an agreement. two men who have served as their party's closers, so to speak, on tough deals before. senate majority leader harry reid says he plans to have a plan up for a vote tomorrow morning. although there are serious differences on both sides. >> we're not going to have any social security cuts at this stage, it just doesn't seem appropriate. i still hold out hope we can get something done but i'm not overly optimistic but i am cautiously optimistic. >> republicans pushed back on claims by democrats that the social security benefit measurement, which is known as the chained cpi and basically would reduce the amount of money that senior citizens get under social security, was part of the republican plan. in any case, that is off the table. senator john mccain posted this on twitter, most of us agree the chained cpi is off the table
mcconnell's office says he got a call from senator reed or democrats to talk about the fiscal cliff in about a month. they feel like they have not gone the extra pile here. >> the vice president getting a call today. what do they make of all of that? >> that could be a big deal. it shows the white house push back they are going to say look he has been pulling out all of the stops with the vice president in delaware came to the white house today working the phones we are told they had multiple conversations with senator mcconnell. a year and a half ago they talked about raising the debt ceiling it was joe biden a lot of years working with mitch mcconnell. joe biden got a nickname as the mcconnell whisperer as if he had a magic potion that is able to get through the noise. the whisperer goes back. >> any kind of whisper to get a deal. >> maybe a whisper will help bring a deal. >> i like that the flip side. >> we are only hours away from the markets opening now. what will be the final trading day of 2012. wall street is watching washington very carefully not only because of the fiscal cliff fig
to the fiscal cliff. >> major garrett, thank you. senator is live on capitol hill. >> thanks for having me. >> if there's a deal today, why would you vote to extend tax cuts if there are no new spending cuts? >> that's the exact thing. the real problem is the spending. if you want to raise taxes -- and the president promised in the campaign he wanted to do that -- it's to pay down on the deficit. there's no evidence of any of that. that's a major sticking point. the democrats are divided on tax rates, on the death tax, on taxes on small business and the republicans are holding firm that you actually have to deal with the number one problem in our nation which is the spending our debt. >> senator, the senate is reconvening this morning. how close are we actually to some kind of a deal here? >> i'm hoping that we get an arrangement and an agreement because the american people deserve certainty. what we ought to do is put a bill on the senate floor and let people offer amendments and vote on them. we shouldn't be here waiting for people to cut deals on back rooms. the ame
the uncertainty the fiscal cliff has wrought in the economy. here's an interesting comment from senator tim johnson, your colleague, a democrat. sometimes all the market takes is to make them see the light. that is via politico. if you don't get a deal and the markets are closed tomorrow, and you open to a couple of really big down days, is that all it takes to strike a deal? >> i hope not. hopefully congress has learned what failure to strike a deal can mean to the american economy. >> is that thought still fresh? >> it's fresh in our mind. i remember the deal we had to pass on t.a.r.p. to help our financial markets. i don't want to revisit that again. >> we've heard all kinds of stuff this morning. as you noi, senator, you probably hear this from your constituents, they're so disinterested in the process, they're so disinterested in the sausage being made. what they want to know if that there are like minded, good, smart people in that congress we're looking at right now who all have phones and blackberrys and actually work in the same building. is there enough good will to ensure that a
for the top of the news of this special edition. no senate vote on the fiscal cliff tonight. that just from majority leader harry reid. they cannot agree. cannot agree on a counter offer at this point from the democrats. after a day of last minute negotiations to avoid tax hikes and spending cuts set to go into effect the day after tomorrow. chief congressional correspondent mike emanuel very busy tonight. it's almost coming apart. >> that's right. there's a lot of dis agreement on both sides. republicans say they would like to see any tax revenue that comes out of a fiscal cliff deal used to pay down our trillion dollars deficits. retiring republican senator from arizona, jon kyl, said the democrats want to spend $600 billion and he believes the new tax revenue will be about the same am. to he says not solving anything. for from senator to an today. >> raising taxes to pay for new spending is not something republicans believe this debate ought to be about. it ought to be about reducing the deficit and debt. they're suggesting we want new taxes, higher taxes on people in this country to pay
are headed over the proverbial fiscal cliff. we say that because the senate hasn't voted on any kind of deal. you see it there live. and the house has said even if there is a deal, they're not going to bring any bill to a vote on this new year's eve. so the big question tonight, what impact will it have on every american? we have all of it covered, and we begin with nbc's kelly o'donnell for the latest from capitol hill. kelly? >> reporter: good evening, kate. well, congress is out of time, and frustrations are really running over. and while democrats and republicans say they want to find a solution and they are working toward that, they don't have a deal yet, and that means for now there is nothing to vote on before tonight's deadline. with your money on the line, tonight washington can only claim progress. but not success. >> it appears that an agreement to prevent this new year's tax hike is within sight. but it's not done. >> we're very, very close. >> reporter: close comes after intense, closed-door negotiations that kept even most members of congress in the dark. the white house and se
. >> trace: i'm trace gallagher in for shepard smith it looks like we will go over the fiscal cliff at midnight. economists have been warning us the combination of tax hikes and spending cuts could cause another recession. now, president obama and the senate republican leaders say they are close to a deal to prevent tax hikes on the middle class. the trouble is, the house has gone home and won't be voting on anything tonight. >> for now, our most immediate priority is to stop taxes going up for middle class families starting tomorrow. i think that is a modest goal that we can accomplish. >> we all want to protect taxpayers, and we can get it done now. right now. >> trace: officials tell fox news agreement would let tax cuts expire on $450,000 instead of the president's cut off $250,000. extend unemployment benefits for another year it does not include any new spending cuts. of course, that's the other big issue in this fiscal cliff standoff. we have team fox coverage. mike emanuel is live on capitol hill. but first to ed henry at the white house. ed, it looks as if we are taking the
in the fiscal cliff talks. in the absence of a deal, senator reid is prepared to hold a bill on the president's backup plan. and as all of this goes back and forth, here is how markets are faring ahead of the open today. futures show the dow will shed about 70 points at the open, which is a bit of a rebound from the triple digit losses that we originally saw news of on friday. nasdaq and s&p are pointed lower in what will be the last and full trading day of the year. in asia, japan and south korean markets are closed. the rest of markets look a little bit like this. here is europe to begin with. only a few markets are open there today. among those closed include spain and germany. we're start with asia. shanghai composite is the outperformer. you saw up 1.6% there. here is a list of the markets closed across europe. germany, switzerland, germany and austria. for the bourses that are open, we can take a look at performance this morning and then we'll take a look over at the bond wall. the ftse 100 is down about .4%. ibex down .5%. not a clear picture. definitely mixed trade as people look to c
and that is really the last hope we have to get something done before the fiscal cliff. >> does the minority leader and the senate, do they concur with the house of representatives. because it's eventually going to have to go through the house? >> absolutely. they would remaining in contact. just to make sure that the house would be agreeable to whatever the senate minority leader put out. democrats would have to be apprised of that as well but any agreement is probably going to need democrats in the house of representatives. the house is also working on a number of procedural maneuvers tonight to pave the way for quick votes over the next few days. they are not actively involved in the negotiations but if these two are to get a deal, vice president and senate minority leader the house could do a quick vote. >> two other things, first, if they don't do a deal, what can the average american, expect as far as tax increases? >> the average american could and not up and down the income sale. bush tax cuts created lower tax brackets for lower income americans, so up and down you would see specific tax i
tone for heading for the fiscal cliff in days. president obama and senators cut the christmas vacation short. the leader is happy to review what the president has in mind but to date they have not put forward a plan. late today, mcconnell expressed frustration. >> this is a conversation we should have had months ago. republicans aren't about to write a blank check or anything that senate democrats put forward just because we find ourselves at the essential. >> asked if he was going over the cliff, biden joked cliff? what cliff? this has been operated with a dictatorship of the speaker. not allowing the vast majority of the representatives to get what they want. they want them to return in case a deal is in the final hours. today, the u.s. is heading over the cliff. >> what goes away next week is the bush tax cut that they loathed since they went in place a secon decade ago. don't assume the president wants to cut a deal. he wants to see if he'll be blamed for it before they negotiate. they talk about the meeting tomorrow with the president and key congressional leaders. >> thank you. i
they need to come up with some kind of agreement before they go over the fiscal cliff at the end of the year. the senate will be meeting today. this is the first time we have seen legislative business conducted in the weeks between christmas and new years since 1970. the house come back as well but nothing yet. the other thing to consider here the two key players in all of this president obama and republican house speaker john boehner. as far as we know the two of them have not really been talking. the lines of communication are theoretically open but both of them seem to be standing their ground. one other factor to consider here is something we just heard from the treasury secretary tim geithner telling us we are rapidly approaching the nation's debt ceiling. we could hit it by the end of the year. there are accounting tricks we can use to prevent us from hitting that by the end of the month. it shows you how complicated this is getting. one other factor that was going to become part of the grand bargain if we ever reach grand bargain. right now they could be looking for a stopgap measure.
that he thinks this will fiscal cliff matter comes down as one white house meeting two hours from now. another top senate republican said a short time ago that he was calling on president obama to lead. >> the president is not a senator anymore. he's a president. just as president reagan worked to deal with tip o'neill and bill clinton and president eisenhower, we need leadership on not just taxing rich people, but we contact them and it wouldn't help the medicare fiscal cliff. greg: others are skeptical, noting that high-profile meetings are for show often times and all about tactics. we expect the president will try a stopgap measure extending middle-class tax rates, extending unemployment benefits for some 2 million americans, do some small spending cuts now, but not entitlement reform. an ally of the white house and the house of representatives offered this. >> this is not for show. it is a last-ditch effort by the president to bring the congressional leaders together to try and get at least a small package. a small deal together before the new year. in order to avoid some of the
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